Gulf Marine Repair Corporation, a southeastern tug-barge shipyard, announced it is consolidating operations with Hendry Corporation, its affiliated company and fellow shipyard, effective November 30, 2015.
Rick Watts, the newly appointed President of Gulf Marine, said, “The intent of this consolidation is to create a focus, flexibility and competitiveness that will meet both the needs of existing customers and the emerging markets.”
Hendry Corporation was started by Captain F.M. Hendry in 1926 as Shell Producers Company, and in 1942, the name was changed to Hendry Corporation. “This 89-year-old company was founded by owner Aaron Hendry’s father. We value this history and want to continue Mr. Hendry’s long-lived success,” Watts said.
The transition will result in the combination of shipyard assets and work forces, creating a service provider with a broader customer offering and a deeper talent pool. “We value all of our employees and want to keep them here,” said Watts. “Repairing tug/barge units and ships is not an easy job. Our employees take pride in what they do, and we take pride in our relationship with our employees.”
Under Aaron Hendry’s vision and leadership, the combined companies also recently created an Employee Stock Ownership Plan, which will allow all team members to participate in the success of the newly combined company. This innovative plan is one of the first in the ship repair industry.